1. Field
This application relates to controls on financial information, including controls required by the Sarbanes-Oxley Act of 2002 (SOX).
2. Description of Related Art
Errors sometimes occur when sending, delivering, receiving, recording, processing, supplementing, and/or modifying financial transaction data. These errors may be the result of malfunctioning equipment, data entry errors, data classification errors, modification errors, other types of errors, and/or dishonesty. Detecting these errors can be difficult, time consuming and costly.
The Sarbanes-Oxley Act of 2002 (SOX) was enacted to reduce dishonest and unreliable reports of financial information by publicly traded companies. It requires their executive officers to personally vouch for the accuracy of financial reports and for the accuracy of these reports to be protected by sound internal controls. Meeting the requirements of the Sarbanes-Oxley Act of 2002 can also be difficult, time-consuming and costly.